Mar 30, 2020
12:46:58pm
12:46:58pm
There is a stipulation that the forgiveness amount goes down if you have less
Employees than you did at 2/29.
The formula is payroll cost x avg. FTE's per month for 8 weeks from loan origination (= loan forgiveness) / average FTE's 1/1/20-2/29/20
There is a clause that says if you rehire them by I believe April 30th, you won't be penalized, but you can't let people go and get the loan forgiveness, you have to maintain your pre-2/29 employment levels to get the max forgiveness.
The formula is payroll cost x avg. FTE's per month for 8 weeks from loan origination (= loan forgiveness) / average FTE's 1/1/20-2/29/20
There is a clause that says if you rehire them by I believe April 30th, you won't be penalized, but you can't let people go and get the loan forgiveness, you have to maintain your pre-2/29 employment levels to get the max forgiveness.
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Banks will be going live with SBA 7a Paycheck Protection Program loans sometime in the next week. If you're a small
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In fairness to them, we're just receiving info on this as we receive it from SBA. They'll probably know more by the end
3/30/20 12:52pm
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